What is SafeMoon? Where to buy it and more

Note: This is not fiscal advice. This is for educational purposes lone. Please note that cryptocurrency is a highly fickle asset class ; merely invest what you can afford to lose. “ What is SafeMoon ? ” is one of the most research questions on Google as the newfangled lunar-inspired cryptocurrency craze takes over sociable media. SafeMoon is a DeFi token. DeFi is a portmonteau of the words “ decentralized finance, ” a cryptocurrency motion that seeks to cut out authoritative institutions ( e.g. banks and government bodies ) via blockchain technology. SafeMoon is the baby of the cryptocurrency world compared to more build digital assets like Bitcoin and Dogecoin ; the DeFi keepsake was launched into the market good a few weeks ago. Despite its youth, SafeMoon is already the speak of the town. In this explainer, we ‘ll dive into everything you need to know : what is SafeMoon, how to buy SafeMoon and whether it ‘s a desirable investment.

What is SafeMoon?

SafeMoon, launched on March 8, 2021, is a digital asset that seeks to fulfill decentralized-finance ambitions. Like Dogecoin, Bitcoin and Ethereum, SafeMoon runs on blockchain technology. A blockchain is a public ledger shared among a peer-to-peer net that records information about every single transaction. Ethereum What is SafeMoon ? It runs on a blockchain, which is a peer-to-peer network of computers ( image credit : Snappa ) If the concept of a blockchain is excessively abstract for you, equitable video a large network of computers that cuts out the need for middlemen ( e.g. banks ) because it verifies transactions via machine consensus. The process of securing and verifying these cryptocurrency transactions is called “ mine. ” In fact, the current graphics calling card dearth is fueled by the blockchain diligence ; graphics cards are vital for computing complex algorithm on the blockchain. What makes SafeMoon different from other DeFi tokens is that it charges sellers a 10 % fee and redistributes half to early holders to incentivize buying and holding. You see, SafeMoon seeks to rectify two issues that plague the cryptocurrency industry : investors ‘ bad habit of premature deal and extreme volatility. As such, the SafeMoon team is hoping that the 10 % fee thwarts SafeMoon holders from panic betray. According to a May 11 pinch, SafeMoon has about two million token holders .

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Is SafeMoon a safe investment?

Despite the SafeMoon team ‘s attempts to curb volatility, DeFi token ‘s price fluctuates wildly. On March 20, SafeMoon was trading at $ 0.000000073. A calendar month late, SafeMoon reached an all-time high of $ 0.000014. That ‘s a whack 19,078 % increase ! If you were nutty enough to drop $ 7,300 on SafeMoon in mid-march, 30 days late, you ‘d have $ 1.4 million on your hands. Cha-ching ! What is SafeMoon ? ( prototype credit : Future/Snappa ) however, after that $ 0.000014 flower, SafeMoon is nowadays trading at $ 0.000008 as of this write. Some are affirmative about SafeMoon and believe it will emulate Dogecoin ‘s skyrocketing increase. Others, however, are doubting ; some have tied gone a far as calling SafeMoon a “ Ponzi scheme. ” A Ponzi dodge is an investing victimize that creates returns for earlier investors by taking money from late investors, which skeptics say sounds terribly similar to SafeMoon ‘s 10 % seller tip condition. Furthermore, cryptocurrency pundits warn that SafeMoon has no veridical value. “ I think investors need to be cautious about a cryptocurrency that has no very utility. It ‘s clear up that the SafeMoon team wants to reward loyal users, but if the cryptocurrency has no real use, what ‘s the point of holding onto it forever ? ” Clayton Moore, CEO of NetCents Technology ( a crypto-based payment work platform ), told US News and World Report. however, I could argue that Dogecoin and other digital assets have depleted utility program deoxyadenosine monophosphate good. many people use cryptocurrency as an investment fomite, hoping that the price skyrockets and increases their ROI exponentially. many SafeMoon supporters share the like sentiments for their lunar-inspired DeFi tokens ; it ‘s merely a “ high risk, high reward ” investment vehicle. SafeMoon is a highly inquisitive asset, specially since it ‘s placid in its nascent stages in the cryptocurrency worldly concern. It ‘s besides early to say whether it has likely for emergence ; it could crash and burn just a quickly as it rose to unexpected heights .

How to buy SafeMoon

You ca n’t purchase SafeMoon on Coinbase. You ‘ll have to buy SafeMoon on one of four exchanges : PancakeSwap, BitMart, Gate.io and WhiteBit. PancakeSwap is the most popular platform for purchasing SafeMoon. Buying SafeMoon is a mind-warping process. You ‘ll need to purchase BNB ( BinanceCoin ) and convert it into SmartChain before you can acquire SafeMoon tokens. Although the work is a little twist, do n’t worry. We ‘ve already published an easy-to-follow guide on how to buy SafeMoon .

Bottom line

The SafeMoon team has plans to launch its own SafeMoon exchange. According to the SafeMoon Twitter account, the team has successfully fundraised $ 1 million for the project .

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hopefully, this SafeMoon commute will make the buy serve less labrythine, however, we wo n’t be holding our breath. As with any cryptocurrency investment, make sure to research your target digital asset thoroughly before taking the plunge with your hard-earned money. Note:  This is not fiscal advice. Digital tokens are highly volatile, so buy at your own risk .

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